Demand at deposit auction of Azerbaijan's Central Bank exceeds supply

Tue 12 Nov 2019 09:21 GMT | 13:21 Local Time

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The Central Bank of Azerbaijan (CBA) raised 150 million manat ($88.2 million) from banks at a deposit auction on Nov. 12, Trend reports referring to CBA.

Supply exceeded demand over 4.4 times and reached 663.7 million manat ($390.4 million).

The interest rate on deposit transactions concluded within the auction was 6.01 percent. Term of placement of funds is 13 days.

The CBA started to hold deposit auctions in mid-June 2016. Deposit auction is an auction during which the deposits of commercial banks are placed in CBA. The main aim of such auction is sterilization of money supply.

(1 USD = 1.7 AZN on Nov. 12)

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